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Tax & Business Insights
Browse our latest articles, statutory tax guides, and HMRC compliance updates written by Chester’s trusted accountancy team. Filter through practical advice tailored for limited company directors, sole traders, landlords, and growing local businesses.
The New Optimal Director’s Salary for the 2025/26 Tax Year
Author: Phillips & Co Accountants, Chester Date: 21 October, 2025 As part of our commitment to proactive tax planning, this blog provides important guidance for the 2025/26 tax year. The government has made significant changes to National Insurance (NI) that...
The Sole Trader’s Guide to Claiming Work-From-Home Expenses
Author: Phillips & Co Accountants, Chester Date: 14 October, 2025 For thousands of sole traders and self-employed professionals, the home office has replaced the traditional workplace. While the commute might be shorter, the line between domestic and business...
Companies House Identity Verification for Directors & PSCs — What to Do and When (from 18 Nov 2025)
Author: Phillips & Co Accountants, Chester Date: 08 October, 2025 From 18 November 2025, Companies House will begin mandatory identity verification for all company directors and people with significant control (PSCs). The change is part of the Economic Crime and...
Do I Need to File Self Assessment if I’m on PAYE with a Side Hustle?
Author: Phillips & Co Accountants, Chester Date: 30 September, 2025 As Accountants in Chester, we’re often asked: “I’m on PAYE but earn on the side — do I need to file Self Assessment?” Often, yes. If you have untaxed income, certain thresholds mean you’ll need to...
Self Assessment made simple: a friendly guide for first-timers
Author: Phillips & Co Accountants, Chester Date: 25 September, 2025 Self Assessment can feel intimidating the first time you do it. Good news: it’s just a series of small steps. Below we explain the process two ways—first for a sole trader, and then for someone...
Making Tax Digital for Income Tax: it’s coming — here’s how to get ready
Author: Phillips & Co Accountants, Chester Date: 19 September, 2025 MTD for Income Tax (MTD ITSA) starts soon. If your qualifying income (gross self-employment + UK property) is over £50,000 on your 2024/25 return, you’ll need to use MTD from 6 April 2026. Those...
AI + Self Assessment: smart to use—but don’t file blind
Author: Phillips & Co Accountants, Chester Date: 17 September, 2025 AI tools can speed up your Self Assessment prep—sorting receipts, explaining jargon and drafting checklists. But generic tools can also misapply UK rules and miss reliefs. Here’s how to use AI...
VAT Direct Debit not taken? When a missing HMRC letter can be a “reasonable excuse” — and what to do next
Author: Phillips & Co Accountants, Chester Date: 16 September, 2025 If HMRC doesn’t collect your VAT Direct Debit after you’ve filed a return, panic is understandable. In some cases HMRC has cancelled the DD (for example, when moving a business onto payments on...
Limited company vs sole trader: a practical guide for Chester businesses
Author: Phillips & Co Accountants, Chester Date: 09 September, 2025 If you’re a sole trader and growth is coming fast, you’ve probably asked: “Should I go limited?” The answer depends on numbers, risk and goals. Here’s a clear, no-jargon guide so you can choose...
MTD for Income Tax: who’s exempt — and what to do now
Author: Phillips & Co Accountants, Chester Date: 08 September, 2025 MTD for Income Tax (MTD ITSA) arrives from April 2026 for many sole traders and landlords. But not everyone has to join. Before you buy software or rewire your bookkeeping, check whether you’re...
Self Assessment for First-Timers: Register by 5 October
Author: Phillips & Co Accountants, Chester Date: 29 August, 2025 If this is your first Self Assessment (new sole trader, new landlord, or you’ve got untaxed income such as dividends or gains), you must register with HMRC by 5 October following the end of the tax...
Property Tax Reform 2025: What Homeowners and Sellers Need to Know
Author: Phillips & Co Accountants, Chester Date: 20 August, 2025 The UK property tax system could be about to change in a big way. In August 2025, reports indicated that Chancellor Rachel Reeves is exploring sweeping reforms designed to increase revenues and close...
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